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in recent history? and if things are so bad why haven't the british like say the people of greece or spain taken to the streets? to discuss this i'm joined by ian beg who is a research fellow at the london school of economics. so professor beg, we hear talk this being the worst recession since the second world war. is it? >> it's been a long recession and it's very slow to see any kind of recovery. but it's also worth remembering statistically although being one of the worst in the last century, we actually today are as well off as in 2006. we've only gone back by a few steps. >> is it simply a case that it feels like the worst recession that anyone can remember? >> it's the fact that it hasn't gone to a recovery phase. tore used to in a recession have a deep downturn followed bay quite rapid recovery. it takes longer to readdress individual positions in their debt. and that means that it lasts much longer than everybody expects because everybody tries to save. >> so if things aren't very bleak across europe, why is it that in some countries as in greece and in spain we've seen the protest
of pigsticking making headlines in spain. property rises in germany are leaving some without a home. and mistaken identities in poland's presidential plane crash. there's something rather medieval in the idea of a sport where men on horseback chase while boris with spears. it is an archaic sport, once hugely popular in spain. then it was banned, but now it is making a comeback. this traditional hunting method is being legalized by a number of regions. even the spanish environment ministry is backing the move, hoping to see a rise in takings in national parks as a result of people buying hunting permits, but animal rights activists are far from happy, calling the horseback hunting savage. >> this is a story from spain about wild boars and a controversial method of hunting them. but it is also a story about a country in crisis and how one is sacrificed for the good of the other. this is a member of the old gentry. hunting has been in his family's blood for generations. he is helping revive the tradition of hunting wild boar on horseback with spears. the sport, known as pigsticking, was long banned,
of the main events of the task 12 months. >> in europe, it was all about the debt crisis. greece and spain were the worst hit. >> eventually, it was the european central bank's controversial bond-buying program that manage to come down the markets -- calm down the markets. >> germany's finance minister says he thinks the worst is behind us. is he right? >> the wildfires in 2012 were the worst spain had experienced in years, but it was not the only disaster the country had to deal with. the financial sector was also in flames. right from the beginning of the year, it was clear that the eurozone had a tough time ahead. credit rating agencies handed out significant downgrades to spain and portugal in particular. europe's firefighting coalition of finance ministers hoped a fiscal pact with tight budgetary controls and national debt breaks would need future crises in the bud, but some economists were more realistic. >> the fiscal pact was basically superfluous. we already knew that all the countries were trying to cut back. weather or not they continue making cuts in 2018, which is what the fis
, and luring russians to sunny spain. there is a real temperature contrast for us in europe. in the east, it is bitterly cold. in the west, it is milder. we're seeing a talk temperatures of around 11 or 12. the air is trying to push east on monday. we will see things turned slightly warmer. there is an intense area of what weather. it is piling up over the u.k.. that is why we have the flood warnings. you can see more clouds trying to make its way across europe. as the rain makes its way into the cold air, it is turning more wintry. we will see it turned to snow. behind it is where the milder air is. towards the northwest, the rain continues. for the u.k., it will still be very what -- it will still be very soggy. we're looking in the top temperature of around 19 degrees. there is likely to be more in the wake of clouds. there could be showers across libya and parts of egypt. green festival, only on link tv. >> welcome back. police in india have used water cannons to disperse crowds in new delhi. people have been on the streets for six days voicing anger over the gang rape of a young wom
a look at the bond curve. spain, this will be a good proxy for now. we'll get the ten year for italy in just a second. 35.34% is the level there. u.s. benefiting from fund flows well. choppy trade across the picture here. let's look at the italian curve before we get the results later today. we are seeing green across the board, so yields dipping before that probably has more to do with the political rhetoric we're seeing especially coming from berlusconi. under 4.6% for the ten-year and on the short and two, a bit of a rally. finally, let's close taking a look at the forex. euro/dollar is weaker. and it's holding just above 1.30. and the dollar/yen, this is the one sixuan mentioned to watch. heading into japanese elections, stocks outperform adding oots .1% to 83.35 this morning. >>> south korea's central bank may be worried about factors in the economy, but the dok says the economy is stronger than it used to be. more on that next. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp o
small to view. i think what really bothers me is spain which i think clearly bothers the whole market. the question, a growth going to fall off a cliff or whether it muddle through and a bailout will be sufficient. as you say, we don't know the answer to that question. that remains the tail risk. until we do get close to a resolution, i'm not going to turn massively bullish. >> what's your view on that? >> i think i go along very much with what he's saying. >> what is your view on what happens to spanish growth? >> i think spain has a lot of problems at the moment. it's not seeing a lot in the domestic market. not seeing it move toward an export. in which case spanish growth is going to be very, very weak for some time to come. >> all right. good to see you. thanks very much. alan will stick around. time to bring you today's global markets report. let's go to asia for the update. >> that upbeat pmi data failed to lift greater china markets. there is pessimism over general lack of policy and also fears that over 800 companies lining up for ipos could further drain liquidity out of the
economies like spain -- >> good or bad surprise? >> no, a good surprise. whereas economies like spain, greece, portugal are likely to stay in recession for the whole year, i would argue there's a high probability that italy will come out of recession towards the end of the second quarter. >> and that seems to be the real concern that is in the market today, whether the political upheaval, even the campaigning by berlusconi could undo some of that progress. >> i think the key point is will the reform programs that have been initiated by the monte government, will they stay intact? i think there's a reasonable chance, they've had a more than reasonable chance that that is the case. yes, it's not surprising, we have the sell off today. it's inest knowledge that as the campaigning builds up, investors will be nervous.. the move by investors back into italian bonds over the next few months, we could see some exits. but i think if we get a sensible election results, and i think we probably will, then the reform program will be intact and the new government will stick to the budget that is g
ftse up 9 out of the last 11. we have seen yields continue to decline in spain. just 5.23%, but still capped. spain requesting financial assistance. we'll keep our eye on the uk as we head toward the bank of england meeting this week p. dollar index has hit a one month low. you're redollar up to euro-dollar up near the high we saw yesterday. dollar-yen moving away from the 7 1/2 month high. rebounding against the dollar and the euro ir, as well. priced in a lot in terms of monetary policy out of japan. and aussie dollar, 1.0463, yes, we have cut the cash rate in australia to match the record low of 3%. but we see the aussie dollar rise because it's pretty much all priced in. sterling-dollar also getting a benefit. back over 1.61. so that's where we stand in european trade. let's recap the asian trading session for the first time today, when you not the last. >> thank you, ross.not the last. >> thank you, ross. shanghai composite recovered from its four year low as property financials, rebounded. shale gas and geothermal plays also rallied as beijing plans to cut its annual coal consum
's largely green behind me. the fits fits mib is atting .6%. the ibex in spain, up 0.8%. and the ftse up about 0.3%. now, some company-specific news this morning, fin mechanica saying shares up 2.4%. this on news they're set to buy sge-avio. safran is also a company considering that change. let's take a quick look at the bond space. we'll get a sense of the kind of trade we're seeing shaping up. it is consistent with flows into the periphery, perhaps out of the core and the risk on move generally that we're seeing this morning. yields up to 4.5 roughly in italy at about 5.4%, respectively. gilt is moving up towards is.9% this morning. the bund yield is still extremely low, so that spread between gilt and bund is widening. look at the euro/dollar. 1 1.3171. extraordinary. we're almost up at that 1.32 level. the dollar/yen is flat, right about 83.88. there we go. a little bit of movement there. the aussie lsh dollar is weaker. the aussie/dollar has been weakening. maybe the researchers of the yen not doing too much to spur sentiment. in any case, let's get the latest out of singapore. >> g
in the harder hit regions. ftse mib, spain up better than 1%. consistent with the rally we saw yesterday. remarkable. the xetra dax adding .1%. for its part, up to close to 30% this year. the ftse 100 adding .3. the bond space, we'll look at that and talk later about the big trades that have helped some hedge funds, for example, when it comes to greek debt. for the time being, mario's comments this summer is have techively kept the bond gleelds a tight range since then six months or so now, this is going. and differentiation across the space where italy price rising, not the case for spain which is seeing its yield up to 5.3. and i know we haven't mentioned this in a while, but i want to draw your attention here. the ten-year gild in the u.k., 1.957%. extraordinary. we're not off the 2% market in the spread, widening significantly. coming up on the program today, the count is set to get underway in south korea following general elections. we'll head to seoul to find out whether the country could elect its first female leader. >>> the bank of england releases minutes from its latest polic
bond denominated in the strongest currency in the world, the euro, paying 5.5%? i'll take spain over the united states at this point any day. >> all right. >> so don't agree at all. do not agree at all. look, retail sales in spain are down 9.7% year-over-year. they're seeing the biggest bank run in spain the globe has seen since the great depression. youth unemployment in spain is 55%. there is not a good reason to own spanish bonds here. [ overlapping speakers ] >> last time we were on together you were saying the world was going to end because greece was going to default and leave the euro. it's all over. europe's fine. just give it a break. that was last year's story. [ overlapping speakers ] >> europe is not fine. spain is in significantly worse position. they've taken on more debt into deteriorating economy. you tell me how that translates to this has all been fixed and this is all solved. it's not solved at all. [ overlapping speakers ] >> spain has about the same debt to gdp ratio as germany. that good enough for you? >> [ overlapping speakers ] >> hang on, fellows. let's not
a rotation into safety, out of risk and out of spain and italy. about 4.5% for italy. thin trading in markets is exacerbating the move that we're seeing as we approach the year. today, the austy dollar is weaker against the u.s. dollar by about .4%. proxy there for global growth prospects. the dollar/yen is weaker by about .25%. this as markets digest the news out of the boj and gauge whether they'll be successful in boosting inflation ultimately. the euro/dollar, 1.3221. so for trading in asia, just how japan, china and the rest have been affected by fiscal cliff news, diedra morris is join onning us with plenty more. hi. >> hey, kelly. it was a bit of a rude awaking. a lot of these indexes were on their way to gains and then we had the fiscal cliff setback. we had news that john boehner's plan b failed. this all turned red and this is where we ended. the nikkei 225 coming back from that huge rally that we have seen over the last five weeks shedding 1%. the exporters hurt here because the dollar/yen was lower. it has regained some ground in the last few hours or so. the kospi shedding about
model in spain. >> first of all, warren buffett, there again i think the contradictory as of all of this is at play. on the one hand, yes, there have always been people like him on the side of the wealthy, the big corporations, who have a clear understanding that at a certain point it becomes dangerous to keep going in that direction. you cannot keep having a smaller and smaller number of people doing really well in a sea of people that are having a harder and harder time. pushing, but don't kill the goose that lays the golden egg in the end. so there are always voices like that. not the only one. there are a whole bunch of people like that to see that and to have the courage or the comfort or the security to say it. remember also, the same warren buffett he says that is a major owner of the moody's corporation , and the moody's corporation was a central player in providing aaa ratings for securities we now know were worthless, are worthless, fraudulent, and someone. and so, you know, he is as he would himself admit a part of the system and therefore draw and to many of the activ
brushoff warnings that the programs might not reduce greek debt enough. spain has formally asked for almost 40 billion euros in aid for its troubled banking sector. >> a strong indication that we have been successful in stabilizing the eurozone. spain now leads -- need less than originally assumed. the situation has improved. >> another trouble spot is cyprus. the country needs a bailout of between 10 billion euros and 17 billion euros. officials are waiting for our report on the island's banks. >> we now turn to our brussels correspondent. can you give us more details on how the buyback plan came about? >> the buyback program is supposed to help greece reduce its debt within a short period of time. that is a vital condition for the next tranche of funds that greece needs can be paid out. they gave the green light last week to pay out the money. they said they needed to have the greek debt burden reduced. the country is now trying to do that. it has put 20 bonds out on the market earlier this year. it is offering to buy them back at a very attractive price for investors. if that is successf
concerned about france and spain than i am about italy. >> we'll talk about those. >> let me add asking. if italy is in this situation now, it relied on the easy way out. and politicians, including berlusconi, didn't have the foresight to see that. >> thank you so much for coming by. >>> staying at the eurozone, investors will be watching for anything coming from the italian crisis. the results of the spanish bond actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the
for into religious and intercultural dialogue. the three founding nations -- saudi arabia, spain, and austria -- were represented by their foreign ministers. among the 600 guests was the united nations secretary- general. the saudi government provided some 15 million euros in funding for the dialogue center for the first three years. >> we are most grateful to his majesty for his farsighted decision to launch this important and timely initiative. austria is greatly honored at the center is established. >> a outside the palace, greens and liberal muslim protesters point out that even as saudi arabia promotes religious dialogue in vienna, and to commit human rights abuses at home. >> it is a shame and a disgrace for austria and spain to have provided the saudis a center like this as a platform for their views in europe and all the world. >> the center is headquartered in this palace in vienna. representatives of all the world religions are invited to come here and engage in constructive dialogue. critics are predicting endless rounds of unproductive chatter and worry that saudi arabia could indeed use
regulations. last week, as he issued a one- season than. most of the big stars and their cash in spain or england. >> in england, you already know the top for your clubs before the season starts, so full credit to hourly -- you already know the top four clubs. >> the league has been plagued by hooliganism, which has resulted in an empty stands. for years, the bundesliga has drawn the highest spectator numbers of any league in europe. combined with steadily rising television rights, they have made a solid foundation for german soccer. the only thing missing is that elusive european title. >> we hope they get it. if you are just joining us, you are watching the "journal" coming to you from dw in berlin. after a short break, we will take a look of the role of german chancellor angela merkel in solving the eurozone debt crisis. >> we will be right back. do not go away. >> welcome back. >> 2012 is coming to an end, and a lot of people in europe will be happy to see the old year out. not a day went by without worrying about the future of europe. >> not just for finance experts. a to was also
not do the siesta -- the nap after lunch, and that is a ritual that was important in spain back then, and it still is today. >> the cattle trader from spain gets up early in the morning and does not come home again until late. between 2:00 and 4:00 p.m., he takes an afternoon nap, a siesta. >> i need these one-and-a-half hours after lunch. if i do not sleep, i do not feel well. then i do not enjoy work, and i am just not myself. >> the long spanish siesta still exists, even in bustling major cities. many businesses still shut at 1:30 in the afternoon and open again at 5:00 p.m. carlows also uses that break for a nap, for now at least. -- carlos. >> i think soon we will have to stay open after lunch. this is a tourist area. we have to stay open because it is customer friendly even though a lot of people are against it. but business is business. >> to make sure tourists in particular are not faced with shuttered doors, the spanish government has changed laws regarding business hours. it wants visitors to the crisis- ridden country to have more time to spend money -- 90 hours a week ins
. most associations expect employee numbers to remain stable. >> it is a very different picture in spain where unemployment there remains at record highs. 25% of spanish workers remain out of a job, and with government spending being cut, that number is expected to increase. >> there has been a wave of protests throughout 2012. today, health workers hit streets in the capital, madrid. >> public health workers took their complaints to the door of the health ministry. >> the first thing we are going to notice is the decrease in the quality of care. other consequences will be a higher mortality rate. people will also stay sick longer. >> the prime minister's government is making cuts in many areas. that includes reduced unemployment benefits and cuts for civil servants. add to that a hike in the value- added tax. the combined savings are supposed to bring down spain's budget deficit. the eu is giving madrid more time to get its deficits in line. reductions in health spending are only part of the total to save, but the symbolic value of cutting medical care is great, and so is public anger.
. >> it is a rare thing for you. hang around long enough, it will go your way. thanks for that. >> cheers. >>> spain. the treasury is setting up three, seven, and ten-year bonds. they're now pre-funding for 2013. we've got the results of that in around about 30 minutes. >>> and china and india secretary growth slowed in november. analysts say china and india's nonmanufacturing team expected to improve thanks to a hiring boost in the mainland as well as strong new orders in india. at the same time, china's new leadership, as we pointed out, has laid out some fresh directives. >> these are some pretty sweeping reforms making china's famously inefficient bureaucracy more efficient. it's an effort to "win the confidence and the support of the people" as public backlash rose against the special treatment of politicians. so a new list of dos and don't's for chinese leaders. on the do side, cut down on giving face. the art of extreme flattery or reverence, which results in some very long meetings and speeches. keep them short and cut down on the lavish feasts. he's also encouraging more travel to rural par
, adding about .1%. take a quick look at the bond space, the yield for spain and italy is moving higher today. but roughly as relevance we've seen predominating over the last couple of weeks. that is around 5.3% for spain. 4.5% for italy. we did see guilds moving about 3% level. now back below 1.9%. stick around because straight ahead, we get a view from one economist who says the weaker yen team is going to continue into the new year and offer some strategic calls. >>> as europeans get back to trading equities, let's get a sense of what we might see in the markets today. chris joins us from ibg group. chris, good morning. >> morning. >> we've seen a pretty quiet couple of days here. we've been talking about strength in the dax and whatnot. what's on your radar screen? >> as you say, it remains a fundamentally quiet day. unfortunately the fiscal cliff is dominating everything, really, what little traders are doing is being over-shadowed by the lack of movement, rather, in washington. >> and we've just heard allen capper who is with us talking about more volatility in the first quarter.
. and, of course, it is recognized. >> what's your view on spain? the country managed to avoid bailout so far, but will not meet its deficit target for the full year. do you think spain should be given more time? >> well, first of all, i think that, again, spain is going in the right direction. when you look at the current account, the deficit, you see that it had been diminished massively since the peak that they had in 2008, 2009. and, you know, as a very short summing up, it's been divided by more than five, though it's very, very encouraging. on the other hand, you have unit labor costs which have been diminishing quite a lot and the exports of spain are very dynamic today. so it also demonstrates that hard work is being done. it's difficult. it's tough, but going in the right direction. i trust that the global observers are observing progressively and the adjustment is proceed. in spain and in all the countries that are under adjustment. >> now, lonmin's ceo ian farmer is stepping down while being treated for a serious illness after being first admitted to hospital back in august.
-term bond yields are long-term bond yields are falling sharply in spain, for instance, and showing positive signs, among others, that point to a gradual return of confidence to the euro area. >> noyer noted borrowing costs for spain, france and other countries in the region have declined that he pointed out is due in part to a european central bank program to buy bonds of debt-ridden nations. the governor also said a stable bond market is necessary for every central bank to implement effective monetary policy. >>> most nuclear powers plants in japan are offline after last year's disaster. another energy-saving campaign is now under way to avert power shortages this winter. the government and power companies are calling on households and businesses to reduce electricity usage through late march. this is to cope with heating demand during the cold season. the campaign covers all parts of the country except for the southern most prefecture of okinawa. officials are asking customers in hokkaido, japan's coldest region, to cut back on energy use by 7% from the level before the nuclear accident.
for government to keep raising the value added tax. we've seen it happened in spain, italy and greece and wherever it's tried. adam: i lived in spain a long time ago. i guess you realize you don't paying it at the time but things are more expensive. david: thank you, gang. thank you very much. thanks to the company. thanks to you for watching. now here are dagen and dennis. hi, gang. dagen: merry christmas. love to your family. david: thank you. same to yours. dagen: i'm dagen mcdowell everybody. dennis: i'm dennis neal -- kneale. dagen: is it the fiscal cliff fears that have shoppers down this season? retailers are reporting slowing sales over the last couple of weeks. dennis: a woman fired for being too attractive and a supreme court says it is legal. dagen: i will bite my tongue because it is the top of the hour and stocks now and every 15 minutes. nicole petallides at the new york stock exchange. hey nicole. nicole: i look forward to hearing more about that particular story as i watch the stock market here, i do see the dow is down about 1/3 of 1%. majority of the dow components a
at the moment, but how did we ever let these excesses of housing here, housing in spain, housing elsewhere, in ireland, in this japan earlier -- in japan earlier, remember those days when you used to talk about the property around the imperial palace in tokyo, and a few hundred acres was equal to the value of all the real estate in california. now, that was real -- i don't know if it was true, but each to talk about -- but even to talk about it was a sense of how extremely -- [inaudible] >> do you share the, when you talk to fed officials, do you share -- >> i'm off the record here? >> no, not now. [laughter] no, no, you're fully mic'd. [laughter] when i talk to a fed official up there because happens to be power within the cia, um, they reveal and betray certain kind of frustration with the criticism they've been subjected including the criticism that they're easing too much because they say, well, that was the only course of action. we couldn't have done anything else in the face of a pretty -- political class. do you share that? >> well, they got it in both directions, and, you know, i
. in countries like spain, up to one-half of young people are unemployed. under the european union boss proposed scheme, everyone under 25 who applies -- european union's proposed scheme, everyone under 25 who applies would be guaranteed a job or training within four months. >> we have to invest in europe's young people. we cannot afford to leave them. we have to give them the skills and experience they need to help them to get a job. >> the eu wants to fund the sceme -- scheme with money from the european bond. many are skeptical of the plans. >> i do not believe the suggestions will be successful. employers will be afraid of giving people work, so it will hurt those it's trying to help. >> whether it will really create more education and training programs is still unclear, as the suggestions are only recommendations to eu member states. >> bayern face off against a byelorussian team tonight. >> boresoff beat them in november. bayern are in top form. >> as if they were not scoring enough goals already, goetze is ready to go. he is first choice again in the champions' league. bayern are looking
half a percent, as well. take a look at bond yields. we looked at that auction yesterday from spain. they raised 4.3 billion. years went lower. nevertheless spanish yields today 5.4%, slightly lower from where we closed, but they did move up substantially after a handle of 5.2. we'll keep our eye on gilts, as well. we'll look ahead to the bank of england. nothing expected from them, of course. 1.8%. david miles was the only man who voted for more qe at the last meeting. as far as currency rates are concerned, euro-dollar at the moment 1.3068, just below the highs during the says. dollar-yen fairly contained. sterling-dollar steady 1.61. so pretty much as you were on some of those compared to this time yesterday. so what about the sazian session? only one lady to tell us. >> thank you, ross. asian markets ended mix. japan's bourses outperformed the region. despite a slight improvement in november corporate sentiment showed weakness. knee sap finished lower as they planned to recall nearly 50,000 cars in japan. shanghai composite pulled back after yesterday's 3% surge. investors booke
-debt nations like spain or greece, then you are probably going to see that safety play back off a little bit. > there are always places to park money. good to have you on the show this morning. have a great trading day. > > you too. if you're not yet fully awake this monday, here's one thing to open your eyes: after years of higher and higher coffee prices to consumers, brazil, which produces a third of the world's coffee, may turn prices around. a record crop there last year is being followed by another bumper crop. our cover story takes a look at what it means for coffee futures and retailers. brazil is expecting a record coffee crop again, just one year after its biggest harvest ever. "that would be a fabulous production." jack scoville, a commodities broker in chicago, says the bumper crop is the direct result of more coffee farms planted in brazil when a series of small crops drove prices high a couple of years ago. "it's because new trees and new areas are coming on." falling futures aren't great for investors, but may have coffee consumers buzzing. "if it's premium coffee, i'll buy a
a recovery occurring in the eurozone, nkts look forward to 2014 and beyond. >> spain? >> for sure. >> when? >> probably in the second quarter. >> that's an interesting idea, all at once. david owens from jeffries, thank you so much for stopping by. >>> straight ahead, economic policies for next year and what is in store for markets if it mean slower, short-term growth? can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground at fedex of. >>> shinzo abe wastes no time on calling on the bank of japan to ease interest rates. >>> get a little, give a little. reports say john boehner may be willing to raise the tax rates on the rich if president obama raises the cuts. >>> and corporate news weighs on sentiment in europe. kpn shares fall as the dutch telecom group scraps the divide dividend. >>> okay. we're into new trading week here. the xetra dax and the french mark
and spain. >> how different is it outside of europe in the wider arab world, the middle east? >> they are more accepted outside of europe because europe is a shocking and islamic bloc because there's a need to find a european identity, especially now in the crisis. >> where do you see this going? do you see the creation of a broader european islamic bloc? >> islam house oe been adapted to its cultural surroundings and we can see european islam coming up in a lot of centers in europe. >> his specialist in the dialogue between the islamic world and the west, thank you. onto soccer now. dortmund with another victory under their belts helping the reigning champions close in on the league leaders. their season has been punctuated by ups and downs, but on sunday and, they notched up another important victory in their title defense. >> warring on from the touch line, the caretaker urging his to stay compact. breached by mario. still, he did not play. fearing relegation. moments later, sven scoring a deserved equalizer. in the second half, again with the breakthrough gift. and the ea
an eye on it, it is falling a little bit. 1.95% after a soft set of uk retail sales figures. spain, italy, moving higher, but not too much of a move there. 5.3%. and 4.4 for italy. now, forex rates, the euro/dollar and the yen has been in focus still in the last several trading sessions and that continues today. 1.3230 is the level. the yen, though, is giving back about .5% after the bank of japan's quantitative easing plans, pretty much flecting a buy the rumor, sell the fact move. now, house republicans plan to bring their tax bill to a floor vote today. this as tensions over the white house over the fiscal cliff have started to rise. it's unclear what the bill, known as plan b, will look like. house speaker john boehner has reportedly added spending cuts to convince members it will be worth the vote. president obama has threatened to veto the bill. the president says he's puzzled by what's holding up budget talkes and that house republicans should stop trying to score a point against him. >> take the deal. you know, they will be able to claim that they have worked with me over the last
. look at catalonia. a region in northeast spain that includes barcelona. last sunday, they held parliamentary elections. a majority of the winners campaigned on a platform of secession. the vote follows an unprecedented demonstration in september when about one million catalons marched the streets demanding statehood. to put it in perspective, the entire population is only about 7.5 million. the next step could be a public referendum on breaking away. consider scotland which has already reached that point. in october british prime minister david cameron agreed to a deal allowing scotts to vote in 2014 as to whether they want to secede. then there's the strange case of belgium. the people speech dutch in the northern region. in the southern region they speech french. the people elected a set of local leaders who want to break away from belgium. why are break away parties gaining so much momentum? it's the economy at heart. according to leading daily only 57% of national taxes paid by catalon is returned. the rest is filtered to spain's poorer regions. scots also have an eye on en
there. >> yeah. >>> coming up in the program, spain's biggest export. an analyst who says shoppers are ready to spend. >>> and the vice president hugo chavez's cancer operation that was successful. heel be in miami to speak -- we'll be in miami to speak to an an lifted who talks about the transition of power. >>> plus, joined in studio by the ceo of japanese merchandising giant sanrio. what will the man in charge of -- yes -- hello kitty have to say about holiday spending? that's at 5:20 eastern. 11:20 central/european time. >>> u.s. budget talks have intensified. president obama and house speaker john boehner spoke by phone tuesday after exchanging new proposals. aides confirm the president gave boehner a revised offer on monday, reducing demand for new tax revenue from $1.6 trillion to $1.4 trillion over the next decade. boehner responded with a plan that largely sticks by his original offer a week ago. reports say the white house has told republicans it would include an overhaul of corporate taxes in any budget deal which it hasn't put on the table before. in an interview with a
's the bund or even yields in spain are falling as prices rise a little bit. so there is light at the end of the tunnel according to our next guest. he says the global economy is close to reaching its weakest point before recovery sets in. he's robert cohen, chief equity strategist. woke. >> good morning. >> we just heard rob doddson talking through some of these results. unfortunately, we saw some signs of weaker demand, especially global demand in these reports. but perhaps what is consistent with what you're saying, why is it your view that that is going to happen? >> sometimes you need to pull away. you move away from the fundamentals a little bit on the month to month improvements. if you look at 2013 as a whole, the big headwinds you've had in a number of years, fiscal austerity is largely the sarp in europe year on year. 2014, that comes up quite quickly. 2013 is largely going to be the final year of the crushing deleveraging if you like on the european banks. so essentially the whole theme of the aurm is 2014 should credibly be the first recovery year we've been in years. >> 2013?
than the united states. i mean, countries like spain, italy -- >> the austerity policy. when you look at the country -- >> countries like spain and italy -- >> i'm talking about the labor market adjustments. >> they have seen 20%. that's a problem. >> i'm sorry. i didn't hear -- what did you say? >> spain, italy, unemployment around 15, 20%. >> of course they do. >> juliet, hang on, because it is connected to the german point. part of the reason that germany has been able to have export-led growth and be so successful internally, germany is the china of europe. >> i realize that. i made that point about 20 minutes ago. you add shock at the beginning. i'm not talking about the later stage of austerity and self-imposed pain, which is what europe is dealing with right now. but if you look at the ocb adjustment to the downturn and the u.s. has a huge g and p adjustment and loss of unemployment where a lot of these other european countries adjust on hours and their unemployment doesn't go up. that's the only point i was making. >> adjust on hours meaning you get something more like job sha
. among those closed include spain and germany. we're start with asia. shanghai composite is the outperformer. you saw up 1.6% there. here is a list of the markets closed across europe. germany, switzerland, germany and austria. for the bourses that are open, we can take a look at performance this morning and then we'll take a look over at the bond wall. the ftse 100 is down about .4%. ibex down .5%. not a clear picture. definitely mixed trade as people look to close out the year. the bond wall gives the sense for what kind of wall dominates. we're seeing bond yields move higher. investors are exiting the asset class today. italy around the 4.5% level. we've seen these predominant for several weeks and likely a quick check on forrus. the yen, an important one to keep an eye on, as well. dollar/yen firmer, continuing the patterns that we've seen over the last couple of trading sessions. for more on what to expect from markets today, we're joined by chris meyer, managing director and chief strategist from loop capital markets. chris, good morning. we wake up without a deal.
] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. >>> welcome back to squawk. happy monday. today in the "wall street journal" suggesting netflix could end up doomed with its success with children. netflix just for kids get more popular. companies like viacom get accurate. companies provide netflix with most of its content in a kids' focused section. the journal says at some point the suppliers will probably want to charge netflix more or they might even stop selling to netflix. that's been a huge problem for them when it comes to contend more broadly. >> time for the global markets report. kelly evans standing by in london. you rise above over
exports from new zealand, textile production in spain, and the use of medical technology in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. with investment information, risks, fees and expenses try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> what's a few billion dollars among friends? anyway, last month republican senator marco rubio punted on the question of how old the earth is, calling it a great mystery. it's not a mystery it's what the potential presidential candidate for 2016 was playing to the large number
it in france. they just did it in spain. they just did it in the u.k. >> they did it in greece. they raised the added-value tax four times. it's devastating consumer spending, and we're heading down the same road. david: larry mcdonald, new edge senior director. good to see you. thanks for coming in, appreciate it. sandy? >> ford recalling nearly 90,000 vehicles. did your car make the list? we've got the details coming up. >>> plus, the chances of falling off the fiscal cliff, it's not stopping one top money manager from buying. bob doll, he sells us where he's putting his money to work now. that's next. there is no mass-produced human. every humabeing is unique. and ther one store that recognizes it. the sleep number store. the only place in the world u'll find the extraordinarily comfortable sleep number experience. an exclusive collection of innovations that totally individualize your sleep. perfectly comfortable pillows that adjust to your size and shape. dual warmth comforters. all designed around the sleep number bed: a bed with dual-air technology that allows you adjust to the suppo
that is bursting now increase. or maybe that's bursting in spain. other countries in europe think back two or three years ago. was just as broke as it is today. yet they were able to borrow money and they paid a lower interest rates and everything was fine. it wasn't fine. it's just the bond holders were asleep. they were oblivious to the circumstances. and eventually they woke up and they demanded a higher rate of interest to compensate for the risk of holding the paper and now the government can't afford a higher interest rate, and now people realize that so they want their money back. so now there is a crisis. the only reason that we can service our debt is because the rate is so low. we can't be pay our debt. that's not even possible. all we can do is service the debt but of course once our creditors realize we can't, then they are going to want their money back and we can't pay it back. we can print it but then it isn't going to be worth very much. the key is going to be when are the creditors going to wake up and demand a rate of return on the dollar's? because right now the rate is zero and
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